Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,152/mo
Lowest payment- Down payment
- $94,669
- Funds due
- $108,728
- Interest + MI left
- $630,532
- First ends
- Jul 2053
Assumption
Assumption + second
$4,409/mo
+$257/mo- Down payment
- $62,669
- Funds due
- $78,026
- Interest + MI left
- $691,224
- First ends
- Jul 2053
New loan
New conventional
$4,347/mo
+$195/mo- Down payment
- $62,669
- Funds due
- $74,405
- Interest + MI left
- $822,221
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $530,331 | $530,331 | $562,331 |
| Second mortgage | — | $32,000 | — |
| First P&I | $3,473.18 | $3,473.18 | $3,809.43 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $253.70 | $253.70 | $112.47 |
| Taxes, insurance & HOA | $424.67 | $424.67 | $424.67 |
| Total housing payment | $4,151.54 | $4,409.02 | $4,346.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,669
Closing costs & prepaids$15,357
Usable credit−$0
Total buyer cash needed$78,026
Earnest money paid−$0
Remaining funds due$78,026
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$24.00
Prepaid interest, first (6 days)$560.55
Prepaid interest, second (6 days)$47.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 7 moOf the original 30-year loan at 6.43%
Interest already paid$119,212Through Dec 2026
Assumption only · ends Jul 2053$630,532
Assumption + second · ends Jul 2053, second Jan 2057$691,224
New conventional · ends Jan 2057$822,221